Pegasus Gold (PGU) hits 52 week low Message Board

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Gold/Mining/Energy : Pegasus Gold (PGU) hits 52 week low

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To: Dale Schwartzenhauer who wrote (126)	1/23/1998 10:04:00 PM
From: Michael Bidder	Read Replies (1) of 199

My Agenda....a never cover short. When Florida Canyons is closed next week there will be costs that will bring the companies cash reserves dangerously close to zero. Severance for 295 union employees (est.)........(6 million) Cost of closure (est.)...............................(5 million) Current Burn rate (est.)............................(5 million / month) Revenue (Montana Tunnels)......................200 thousand / month If the banks and bond holders don't get them first Estimated time to a missed payrole is 8-12 weeks. The company has admitted to cash of 16 million as of 3 days ago. With the upcoming costs associated with the closure of Florida Canyons I estimate a termination of operations in 8-12 weeks. There is a very good chance it will not last even this time. My colleagues and I tried unsuccessfully all week to talk to investor relations. The companies line was: "I am not authorized to answer questions or comment. Please leave a voice mail to John Pearson at IR." He was conveniently unavailable for a variety of reasons. Just when shareholders need answers HE SKIPS OUT! WHAT BULL ! I could run this outfit better. Florida should have been shut down months ago for a savings in the 10's of millions. And we could have saved $400,000 on Werner Nennecker's performance bonus. 13 Banks , bond holders, currency losses, trading losses, supply companies, environmental liabilities, off book debts..... TWO HUNDRED AND 30 MILLION US DOLLARS....gone forever! Good luck all. And I hope John Pearson takes my call on Monday morning!!! So I can give you shareholders more accurate numbers.

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